December 7, 2023 – An AWC was issued in which McQuaide was suspended from association with any FINRA member in all capacities for six months. In light of McQuaide’s financial status, no monetary sanction has been imposed. Without admitting or denying the findings, McQuaide consented to the sanction and to the entry of findings that he engaged in excessive and quantitatively unsuitable trading in the accounts of two senior customers. The findings stated that the customers relied on McQuaide’s advice and routinely followed his recommendations and, as a result, McQuaide exercised de factor control over their accounts. As a result of McQuaide’s trading, the customers suffered collective realized losses of $190,839, while paying total trading costs of $201,684, including commissions of $160,360.
The suspension is in effect from December 18, 2023, through June 17, 2024. (FINRA Case #2018056490308)
Matthew Schwartz
Matthew Schwartz represents clients harmed by lawyers, accountants, insurance professionals, real estate agents, brokers, financial advisors, and other trusted professionals. He handles Florida litigation and nationwide FINRA arbitration. He has been recognized in The Best Lawyers in America® and named to the Best Law Firms® list.
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